BitMEX joined the ranks of crypto exchanges removing Korean language materials from its site ahead of a regulatory deadline that will likely banish dozens of exchanges from South Korea.

“With the introduction of new local regulatory requirements in South Korea on 24 September 2021,” BitMEX will remove all Korean language from its site and trading platform, the exchange said in a Thursday blog post.
This is likely the clearest mention of the Sept. 24 deadline among three foreign exchanges that have made similar moves in the past two months.
Binance announced it was removing Korean won payment options and trading pairs, as well as Korean language in August, while Bybit said last week it was stopping Korean language support.
In April, South Korea’s Financial Services Commission said all crypto exchanges have to register with its anti-money laundering arm by Sept. 24 or stop operating in the country. Registration requires them to fulfill certain cybersecurity criteria, as well as set up partnerships with banks for real-name registration.
Only four have succesfully registered: Upbit, Bithumb, Coinone, and Korbit.
Close to 60 exchanges will have to at least partially suspend service on Friday, while 40 will have to stop operating completely, Reuters reported earlier this week.

SEC's Crypto Enforcement Actions in 2023

1:09:58

How Much Money Are Terrorists Actually Raising in Crypto?

01:31

Cost of Not Enacting Crypto Regulation Is 'Extremely High,' Legal Expert Says

08:06

Ripple Exec Says Singapore Is a 'Significant Hub for Our Business'

09:31

Sen. Lummis: Latest Crypto Bill Includes a 'More Robust Regulatory Framework'

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

BitMEX Joins Binance, Bybit in Removing Korean Language Ahead of Regulatory Deadline

South Korean regulators have asked exchanges to register by Friday.

SEC's Crypto Enforcement Actions in 2023